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Digitizing the Financial Services Industry

    • The COVID-19 pandemic has drastically changed the way businesses operate and implementation of digital technologies has been accelerated by several years. Digital processes are now essential for businesses to thrive in a post pandemic world.

      Consumers are no longer gradually moving toward online channels; the rapid rate of digital adoption means 80 per cent of customer interactions are now digital in nature1. With options like working from home, telehealth and online shopping organisations have no choice but to adapt to a digital world.

      The Financial Services Industry has reported even higher levels of digitisation and modernisation in the wake of the pandemic to improve systems and processes that support digital agreement capabilities2. Latest findings from Microsoft and IDC found that ‘three in every five (66%) FSI organisations are accelerating their business’.

      Apart from relying on innovation, FSI organisations are gaining high revenue from digital products and services. This stands at 39% currently and is forecast to rise to 52% in three years.3

      The main technologies in which financial services companies are investing include artificial intelligence, blockchain, data analytics, the internet of things and robotic process automation.

      By moving to digitised systems organisations in the Financial Services Industry can revolutionise their operations. In a digital world, increased client expectation should be a key driver for financial organisations to be able to offer their clients products and services at the click of a button.

      Upgrading legacy systems and restructuring operating models mean companies can become more agile in meeting customer demand. It can provide opportunities for the creation of innovative online banking tools and digital platforms.

      Given FSI companies are transaction-based, automatic processing of data is paramount for exceptional customer experience. Solutions like the implementation of AI technologies mean complex information can be extracted from documents or chatbots answering questions in seconds result in operational efficiencies which will overhaul the customer experience.

      FSI organisations need to drive transformation and move business critical processes and workloads into low code applications to ensure that technology architecture enables transformation.

      COVID-19 is a tipping point for technology adoption and digital transformation, and the FSI is at the forefront.

       

      1COVID-19 digital transformation & technology | McKinsey

      2 The State Of Systems Of Agreement, 2021:

      A Spotlight On Financial Services And Insurance Financial Services And Insurance Industry Results

      From The May 2021 Thought Leadership Paper, “The State Of Systems Of Agreement, 2021”

      3Pandemic revs up digital drive for 3 in 5 APAC FSIs | Frontier Enterprise (frontier-enterprise.com)

       

  • About the Author

    Dan Cooke

    Managing Director, Australia and Co-founder

    Dan Cooke is the Managing Director of Procensol Australia and one of the founding members of Procensol UK. Dan is responsible for managing the operations of the Procensol Australia office, including delivery of high profile consulting projects. Under Dan’s leadership, Procensol Australia has successfully established a strong presence in the Australian market, most notably with the award-winning “Connect” project for the Queensland Government’s Department of Environment and heritage Protection. (A project that has attracted attention from government departments nationwide and from the global Appian business). With 15 years of IT and BPM experience, Dan has led many enterprise improvement and digital transformation projects in both the UK and Australia.

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